Friday, 26 August 2016

YES Bank ties-up with Global IME Bank

YES Bank becomes the first bank in India launching Indo-Nepal remittance for Nepalese residents in India. YES Bank, India’s 5th largest private sector bank, today announced the launch of its Indo-Nepal Remittance through its collaboration with 3 Banks in Nepal viz. Global IME Bank, Mega Bank and NMB Bank.Nepalese migrants can now register for this program with Nepalese ID documents and initiate remittance. They can deposit cash and this money will be remitted to the beneficiary’s bank account or cash will be disbursed though over 3000 agent points and 100+ branches of Global IME Bank, Mega Bank and NMB Bank in Nepal.There are over 4 million Nepalese citizens in India, remitting an estimated amount of INR 30,000 Crores annually, of which only about 10% go through formal banking channels.

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The International Association of Money Transfer Networks is the only global international trade organisation that represents Money Transfer Industry / Payment Institutions providing cross border payments. Founded in 2005, provides a platform for industry partners to come together to discuss common challenges, industry initiatives, and create opportunities. IAMTN works closely with governments, regulators, regional associations and all other stakeholders to champion the creation of the most effective, safe, reliable and efficient payment system.